Bitcoin hovered near $73,000 after falling nearly 6% over the past week, showing little response to a risk-friendly macro backdrop that included record highs in global equities, lower oil prices and signs of easing tensions between the U.S. and Iran. The market focus has shifted. Institutional buyers appear to be waiting for clearer signals from Washington rather than reacting to macro headlines.
Major tokens stayed under pressure over the past week
Ether traded just below $2,000 and was down 6.4% on the week, despite a 1.2% gain on the day. Solana, XRP and DOGE each lost between 4.9% and 6.7% over the last seven days, even though they posted small rebounds in the past 24 hours. One exception was Hyperliquid’s HYPE, which rose 5.8% during the week.
Macro markets improved, but crypto did not follow
Outside crypto, the backdrop looked supportive. The MSCI All Country World Index added 0.3% to reach a record high, while Asian stocks climbed 2% to an all-time high of their own, according to Bloomberg. Brent crude fell 0.5% to about $93 a barrel and has now dropped more than 18% in May, its worst monthly performance since March 2020.
The move in oil came after the U.S. and Iran reached a tentative agreement to extend their ceasefire by 60 days and reopen talks on Tehran’s nuclear program. Still, the arrangement requires signoff from President Donald Trump, and Iran’s Tasnim news agency said the memorandum of understanding had not yet been finalized.
Attention has moved from Tehran to Washington
Javier Martinez, CEO of sFOX, said in an email that the market had already priced in a relief rally tied to the ceasefire news, and that positioning reversed after bitcoin failed to break higher. In his view, institutional investors are now looking past developments in Tehran and focusing on U.S. policy, including crypto market structure legislation such as the CLARITY Act.
Martinez said investors are waiting for regulatory confirmation rather than a simple improvement in macro conditions. That helps explain why crypto has not benefited even as broader risk assets have pushed higher.
Technical signals and ETF demand both weakened
Analysts at FxPro said bitcoin has dropped below its 50-day moving average, while the longer-term 200-day moving average is sloping lower. In past cycles, that type of setup has often matched broader periods of weakness. Their conclusion was direct: the timing for a long-term bull market “has not yet come.”
Earlier in the week, Swissblock said bitcoin had entered a “high-risk zone” as selling pressure increased and demand from spot bitcoin ETFs faded. Those institutional products had powered much of the rally seen in 2024 and 2025. With ETF flows softening and traders no longer responding strongly to every Iran-related headline, the crypto market lacks an obvious near-term catalyst.